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Gulf markets fall for fourth day
Stock markets around the GCC fell for the fourth consecutive session today, with only the Saudi Tadawul closing up, by 1.7%. Despite this, it still closed the week down by 1.5%. Elsewhere, the Dubai Financial Market fell sharply by 1.3%, Doha 1.1%, Abu Dhabi Securities Exchange by 1%, Muscat 0.32%, Kuwait 0.14% and Bahrain 0.01%.
Middle East: Wednesday, July 16 - 2008 at 20:45

Morgan Stanley downgrades DFM
Morgan Stanley has downgraded its rating of the Dubai Financial Market (DFM) to 'underweight' due to the disappointing trading pattern witnessed in the second quarter of 2008 and the belief that the market is still optimistic on the stock. With the average daily traded value of the market now close to the bank's forecasted 'Bear scenario' of Dhs1.5bn, Morgan Stanley has lowered its DFM traded value forecasts for 2008 and 2009 by 39%.
United Arab Emirates: Wednesday, July 16 - 2008 at 14:54

Ras Al Khaimah economy to grow up to 18%
The Crown Prince and Deputy Ruler of Ras Al Khaimah predicts that the economy of the emirate will grow at a rate between 15 to 18% this year as the government implements an urban development masterplan, reported Gulf News. The emirate has attracted Dhs9.1bn investment in industries, while more than Dhs35bn are being pumped into its real estate sector.
United Arab Emirates: Wednesday, July 16 - 2008 at 08:15

Saudi denies call for review of dollar peg
A member of Saudi Arabia's Shura Council has denied reports that the advisory panel has urged the government to review its policy of pegging the riyal to the dollar, reported Bloomberg. Usamah Al Kurdi said the council is debating inflation and its impact, but it has not specifically discussed the riyal's peg to the dollar.
Saudi Arabia: Wednesday, July 16 - 2008 at 08:02

Tadawul dives on trading rules change
Saudi Arabian shares declined the most in almost six months after the country's stock market regulator changed trading rules, reported Bloomberg. Saudi Arabia's Tadawul All Share Index lost 4.3% to 8,706.77, its biggest one-day drop since January 22. The measure has declined 21% so far this year. The kingdom's stock market regulator said it plans to change rules so that some shares, depending on their price, will be allowed to move by 0.05 riyal and 0.10 riyal, instead of the flat 0.25 riyal.
Saudi Arabia: Wednesday, July 16 - 2008 at 07:45

Gulf markets decline
A mass decline occurred across Gulf markets on Tuesday as DFM fell by 0.44%, ADX by 0.25%, KSE by 0.54%, Doha by 0.35% and Bahrain by 0.10%. Muscat was the only gainer, rising by 0.29%. Emaar continued its downward trend on the DFM to drop to Dhs10, raising fears that the whole market might collapse if the shares break that barrier. Outside forces intervened and started to buy the share to save it and prevent the tragedy of last year when Emaar dropped to Dhs9.75. A similar feeling of panic erupted at the Saudi market, which registered a very sharp decline of 5% before closing down 4.3%.
Middle East: Wednesday, July 16 - 2008 at 07:42

UAE markets down slightly
The Dubai Financial Market on Tuesday lost 23.13 points, or 0.44% to closed on 5,292. Shuaa Capital was the day's big gainer, up 14.96%. Meanwhile, the Abu Dhabi Securities Exchange lost 12.30 points, or 0.25%, to end the day on 4,940.
United Arab Emirates: Tuesday, July 15 - 2008 at 15:16

UAE unveils e-cheque clearing system
The Central Bank of the UAE has introduced an electronic image based cheque clearing system to enable fully electronic clearing of cheque regardless of where they are presented. in the country. During initial operation of the system the Image Cheque Clearing System, cheques will clear within a maximum of 36 hours, reported Khaleej Times.
United Arab Emirates: Tuesday, July 15 - 2008 at 14:48